Which of the Following Is True for Perfect Competition, Monopolistic

question 173

Multiple Choice

Which of the following is true for perfect competition, monopolistic competition, and monopoly?

• A) The product of all firms is homogeneous.
• B) Firms will earn zero economic profits in the long run.
• C) Short-run profits are maximized when marginal cost equals marginal revenue.
• D) All of these.

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Definitions:

Canadian Union Of Public Employees

Canada's largest union representing public sector workers, including healthcare, education, and municipal employees.

Pickets

Individuals or groups that stand or march outside a place of work to protest or to discourage others from entering, often as part of a strike.

Picket Line

A boundary established by workers on strike, especially in front of a workplace, to publicize their cause and to dissuade or prevent others from entering the premises.

Public Employees

Individuals who are employed by government bodies at the local, state, or federal level, typically working in public services.